RALEIGH, N.C. — U.S. credit unions flush with deposits and eyeing favorable investment returns might want to follow the model of the $15 billion State Employees Credit Union which is providing $1.1 billion in financial backing for a beleaguered student loan agency, the CU management suggested Friday.
"This is certainly one way that credit unions which right now may have large amounts of money to lend out can use it for a very worthy cause and get a rather nice return," declared Leigh Brady, senior vice president.
The Raleigh CU has been getting favorable press coverage for its billion-dollar investment in North Carolina State Education Assistance Authority to provide critical funding for student loans six weeks before the start of college classes.
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